World Liberty Financial (WLFI), a decentralized finance platform reportedly backed by Donald Trump and his family, made headlines with a massive cryptocurrency buying spree just hours before Trump’s inauguration ceremony.
According to data from Arkham Intelligence, WLFI’s wallet address acquired over $109 million in digital assets across six cryptocurrencies in a single day.
Among the most notable purchases was 177.26 Wrapped Bitcoin (WBTC), worth approximately $18.8 million in the past two hours. WBTC is a Bitcoin derivative token that runs natively on the Ethereum blockchain.
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The purchase generated some buzz in the cryptocurrency community. For example, Michael Saylor celebrated the purchase just to be corrected by Fernando Ulrich, an economy educator from Brazil.
Saylor is a well-known BTC supporter who recently admitted being wrong about Ethereum (ETH) and its value proposition.
Other cryptocurrencies in Trump’s WLFI wallets
Moreover, WLFI amassed over $47 million worth of assets, including 7,022 ETH valued at $23.5 million and 5.037 million Ethena (ENA) tokens for $4.7 million.
Additional acquisitions included $5.5 million of Chainlink (LINK), $4.4 million of AAVE, and $4.5 million of Tron (TRX), executed through over a dozen transactions on the decentralized exchange CoW.
In total, WLFI has invested $71.5 million in Ethereum over the past 24 hours, amassing 21,425 ETH at an average price of $3,337.
A rocky start for Trump’s crypto venture
Donald Trump’s highly anticipated entry into the cryptocurrency space with the World Liberty Financial token faced a rocky start following its debut on October 15.
While the project was backed by an extensive promotional effort spearheaded by Trump and his family, the public token sale fell short of expectations, marred by significant setbacks that cast a shadow over its launch.
Amid this rocky debut, WLFI is already setting its sights on expansion by exploring partnerships with established decentralized finance platforms. In the meantime, Finbold has reported what would be the expected result in 2025 of a $1,000 allocation in Trump’s crypto portfolio in 2024.
One notable proposal under review is Ethena Labs’ initiative to integrate its staked synthetic dollar, sUSDe, into Aave’s upcoming platform update paving the way to establish a foothold in the DeFi ecosystem
Featured image via Shutterstock
